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The year 2013 will be remembered by the Bitcoin community as the year when the world's most popular decentralised digital currency entered mainstream public awareness. What captured the world's attention was not only the roller coaster price swings, but also the drawn-out drama that finally led to the implosion of Mt. Gox, the world's first and erstwhile largest bitcoin exchange.

Standing in Mt. Gox's ruins, many started to question whether the current iteration of exchanges could assure users of security. Amid a new wave of scepticism, China-based exchanges, noteworthy for their high trading volume and attempts to appeal to international users, came under the spotlight.

This week I interviewed Chris Woods, Director of International Operations at OKCoin, a leading exchange that made headlines last week for having passed a proof-of-reserve audit with flying colours. Chris is an Anglo-Australian who has been living in China for two years. He joined OKCoin in May.

When / how did you first learn about Bitcoin? What was your response?

Completely by accident! One day in mid-2012, I walked past a newsstand and randomly picked up a magazine. I flipped open to a random page and started reading. The article was about Silk Road and the use of Bitcoin. Silk Road didn’t interest me, but Bitcoin captured my attention immediately and I bought my first bitcoins within the same week.

There are many ways to be involved with Bitcoin, why did you choose to work at an exchange?

Bitcoin had been my hobby for almost two years before I joined OKCoin. In April 2014, a fortunate series of events led me to meet Star Xu (OKCoin’s CEO), and he ended up offering me the role of International Director.

Is there anything about your personality or life experience that led to your career move?

My background is in Finance. I started life as an Investment Banker (Mergers and Acquisitions). In 2012, I had become a bit disenchanted with the industry and began to look around for something a bit more ‘frontier’ and based around technology. Working in the Bitcoin industry allows me to utilize both my professional financial experience and my passion for technology.

What in your opinion is the biggest problem with the existing bitcoin exchanges?

A few things come to mind; trust, security, usability and reliability. Thankfully, I work at an exchange which takes all of these issues very seriously; every day we continue to take steps to improve on these problems.

Do you think Bitcoin is already an investment asset class or still an experiment?

Certainly still an experiment. I think it will be a bit longer until Bitcoin is generally accepted as an ‘investment’ class. There are still a number of growing pains and problems with the technology and economics of Bitcoin. However, I’m confident that these will be sorted out over time.

Do you think Bitcoin will mend the problems of the incumbent banking system? In what ways?

Yes, for sure; namely in the areas of cost and speed of asset transfer. I don’t necessarily believe in a lot of the ‘libertarian’ ideals of Bitcoin, however I’ve always believed in making commerce more efficient.

If Bitcoin succeeds/fails, what would be some of the reasons?

I actually see Bitcoin being successful not necessarily as a currency but instead because of the Blockchain technology. Some of the things that are conceptually possible to build on top of / around the Blockchain are truly exciting

How successful can Bitcoin be? Do you think it will ever supersede the US Dollar? If it does, how long do you think it will take?

No, i highly doubt that Bitcoin will supersede the major fiat currencies. I see a greater potential use in the Blockchain and around asset management.

How do you store your coins? What wallets do you use?

I keep most of them in cold storage, but I do keep some in an online wallet just in case I need to move money quickly

What will it take for Bitcoin to achieve mass adoption?

In order to achieve mass adoption, there needs to be another complete iteration in how the average user interacts with Bitcoin. At the moment it is still far too complicated for people to understand what it is and how to use Bitcoin. A lot of us tech-savvy people just don’t understand how simple it needs to be. The adoption of email is a good example – the average user doesn't need to understand the SMTP protocol. Furthermore, the benefits of Bitcoin just aren’t obvious enough at the moment. The so called ‘killer app’ will be something that is so simple to use with a clear and obvious value proposition for non-tech-savvy users. The benefits need to be instantly recognisable without the 60 minute introduction to what Bitcoin is.

When you joined the Bitcoin industry, what was the response of people around you – family, friends, etc?

“Where is the Bitcoin and how do you become one?” *sigh*.

Do you think every Bitcoiner should promote Bitcoin to others?

Sure, absolutely. But I don’t try to force it on people if they are not interested / or ready to hear about it. I also make sure I inform people that it is still an ‘experiment’ and there are very real risks with getting involved.

What use case do you see that has the biggest potential five years from now?

It's difficult to say. It really depends on how the 'Bitcoin 2.0' projects turn out. I think there will be a need for exchange and asset management services; there is always a need for someone to hold the consumers hand. The average consumer needs to be nannied and cared for; not everyone can manage their own funds.